In letter at the start of the year, the PRA once again underlined that the operational resilience of the financial sector remains a strategic priority.
As you settled into your operational rhythm post March 2022, it was worth noting that the regulator has committed itself to assessing you and your peers' progress in developing dynamic, effective operational risk and control frameworks to manage the threat of operational disruptions.
As we know, it has asked to see the self-assessment documents from a large group of sectors, which it has been reviewing over the summer.
We believe, based on its latest public statements, that it will start to demand a more consistent approach within sectors, so the “risky outliers” can more easily be identified and targeted.
In anticipation of this, we have been developing a Progress Tracker to help firms benchmark themselves to their peers.
Why not see where you are by following this link: